【Bitcoin Options Block Trade Daily】

Today's Largest Block Trade

Today's largest block trade was a bearish calendar spread on Bitcoin, with a volume of 635 BTC and a nominal value of $110 million. This is a typical institutional volatility curve trade, profiting from the differences in volatility between near-term and long-term options, as well as their differing time decay characteristics, both of which are relatively short-term.

Trader Expectations:

Short-term volatility is relatively overestimated

Bitcoin prices are not expected to fall significantly below 75000 before the near-month expiration

The volatility surface will tend to flatten

Other Blocks

Other blocks today were also primarily concentrated in the short term, with spreads for the current week occupying the vast majority. More often than not, these are market makers adjusting their risk exposure, and the actual premiums involved are not large. This is also a common phenomenon after quarterly settlements, where market makers operate relatively cautiously, making it easier for us to identify institutional views through observing block trades.